Wyman Predicts State Surplus

HARTFORD (AP) — The state budget may have a $202.2 million surplus when the fiscal year ends June 30, state Comptroller Nancy Wyman said this week. The projected surplus is $16 million more than last month’s estimate.

However, the financial outlook for the 2005-2006 fiscal year, which begins July 1, is not as rosy. Governor M. Jodi Rell has said the new budget could be $1.2 billion in deficit, after taking into account all the state’s statutory obligations.

Ms Wyman attributed the latest revenue gain to a $15 million increase in how much the state collects from corporate taxes.

“That’s a very strong gain in a crucial area of the state’s economy,” she said. “Hopefully the growth will continue and allow corporations to do more hiring this year.”

Job growth in Connecticut has improved recently, Ms Wyman said, but the overall state economy remains sluggish. For the fiscal year that began last July 1, the state added about 4,300 jobs.

“We need to see four or five times that much growth to declare this a stable, healthy economy,” she said.